50000 SMEs on look out for more funds – Al
There is tremendous opportunity for banks and financing institutions as almost 50,000 UAE-based small and medium enterprises (SMEs) are on the lookout for additional capital and financing, according to a report. Emirates Money, a wholly owned subsidiary and consumer finance arm of leading UAE bank Emirates NBD Group, Emirates Money, which is celebrating its fourth anniversary this year, has dispensed almost Dh2.8 billion ($762.1 million) in loans (personal, SME and auto) since inception, to grow its loan book to Dh1.3 billion.
Between 80 to 85 percent of these loans constitute SME finance, underlining Emirates Money’s leading position in this industry segment. Emirates Money, which has a large percentage of the market share of the SME financing market, also offers an attractive range of commercial vehicle and equipment finance products.
According to a recent study by Dubai SME, a total of 230,000 mini firms are currently operational in the UAE, but only 140,000 of these are considered bankable, since the rest are too micro. Typically, half the ‘bankable’ SMEs turn to partners, new
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